Financial Crime World

Bulgaria Struggles to Contain Rising Cybercrime Wave

Despite efforts by authorities to combat online fraud, Bulgaria is facing an alarming surge in cybercrimes, with reported incidents increasing by a staggering 70% last year alone.

Alarming Statistics

According to data from the Global Anti Scam Alliance, the number of scams in Bulgaria rose dramatically between 2018 and 2021, with over 31,000 reported cases in 2021. The total amount lost to scammers also skyrocketed, reaching over EUR 10 million.

Most Common Types of Cybercrime

The most common type of cybercrime affecting Bulgarians is credit card fraud and ATM skimming, which has resulted in numerous instances of personal identification numbers (PINs) and card information being stolen. Scammers are using sophisticated devices to mimic genuine ATM components, making it difficult for consumers to identify the fake machines.

Authorities’ Response

In response to this growing threat, Bulgarian authorities have stepped up surveillance at ATMs and collaborated with financial institutions to strengthen security protocols. However, despite these efforts, consumers and businesses in Bulgaria continue to fall victim to scams.

Reporting Cybercrime

If you suspect you have fallen victim to a cybercrime, there are several organizations you can report it to:

  • Bulgarian National Police
  • European Cybercrime Centre (EC3)
  • LIBRe Foundation

Staying Safe Online

To avoid becoming a victim of cybercrime, follow these simple tips:

  • Be cautious of deals that seem too good to be true.
  • Verify the authenticity of websites and social media links.
  • Use strong passwords and keep them confidential.
  • Credit card fraud and ATM skimming: Criminals use skimming devices to steal PINs and card information from unsuspecting victims.
  • Phishing scams: Fraudsters trick victims into revealing sensitive financial information by posing as legitimate companies or government agencies.

By being aware of these scams and taking necessary precautions, Bulgarians can reduce their risk of falling victim to online fraud.